Singapore, 26 October 2018 – The EY Entrepreneur of the Year is an annual awards program that honours Singapore’s top entrepreneurs for their contributions to the economy and society. After winning Entrepreneur of the Year in the Analytics Intelligence category, PatSnap Founder Jeffrey Tiong has been selected by an independent judging panel as the overall Singapore Entrepreneur of the Year. He will now go on to represent Singapore in the EY World Entrepreneur of the Year Forum in Monaco.
Jeffrey founded PatSnap in 2007, soon after graduating from the National University of Singapore (NUS). The company’s first office was fashioned from a disused shipping container, and funded by an incubator program at NUS. From these humble beginnings, Jeffrey soon opened offices in China, then expanded the company globally with presences in London and Los Angeles. The firm recently opened a dedicated R&D centre in Singapore, as well as its second North American office in Toronto.
Under Jeffrey’s stewardship, PatSnap has secured over $100m USD in consecutive Series A, B, C and D funding rounds from Vertex Ventures, Summit Partners and Sequoia Capital. The firm now spans East and West, with over 750 employees and 8,000 clients worldwide. PatSnap was also recently named as the 25th fastest growing technology company in the UK in 2018 by the Sunday Times Hiscox Tech Track 100.
An estimated US$2.19 trillion will be spent on R&D globally in 2018, however in the past three decades, global R&D efficiency has decreased by about 65 percent. With today’s economic pressures, businesses are under increasing pressure to improve the efficiency of their R&D operations.
Jeffey Tiong said “Innovation is the key to our collective future, and it impacts everyone. But while software tools powered by big data are now providing unparalleled insights to business functions such as sales, marketing, and finance, R&D teams have so far been relatively underserved by these innovations. Our mission is to bring R&D processes into the 21st century by applying artificial intelligence and machine learning to global innovation datasets, and equip innovators with the tools that they desperately need to make better decisions, faster.
It is a great honour to be named EY Entrepreneur of the Year for Singapore, because Singapore has played an essential part in PatSnap’s success story over the last decade. I am also extremely grateful for the support of my family and my team, who have helped me to overcome so many obstacles along the way, and to become a better, more resilient entrepreneur.”
PatSnap is the leading provider of research and development (R&D) analytics, for analysing tech trends, market planning, competitor intelligence, and maximising return on investment in R&D. Founded in 2007, PatSnap is used by R&D and intellectual property (IP) professionals in thousands of commercial and not-for-profit organisations globally, and has offices in the UK, USA, Singapore and China.